WHAT SELLERS SHOULD KNOW IN OUR CURRENT MARKET?

It was a great time to sell property on Marco Island between late 2003 and mid 2005. However, a seller's market does not last forever. Prices and Buyer's sentiment both were due for an adjustment. Thus, we experienced that adjustment over the 12-18 months. As predicted in our September Market Update, Single family homes appear to have gained footing and have outperformed our last December's activity. However, we will continue to see adjustment in the lot and condo categories but are also nearing the normal growth curve. The issue we face today is INVENTORY. There is currently a excess of inventory that will continue to slow our market growth until this inventory is depleted or removed. High supply of inventory and low buyer demand has put us firmly into a Buyers market. So, as a seller, how should you approach this market.

MOTIVATION - It is important to be realistic with yourself as to what your goal is. What is your motivation to sell your property? If you don't have a driving reason to sell, don't waste your time. If you do have a driving reason but are not realistic in your expectations, you will find the selling process very frustrating.

PRICE - it is critical that you price your property competitively in the marketplace. I've gotten some angry responses to my FREE Home Valuation services lately due to the fact that many of the fair market values of properties on the island are currently below the assessed value of the property. Unfortunately, in a buyer's market, the buyers set the value of homes. The bottomline is if you don't price it right in today's market, no amount of marketing will bring you a buyer.

PREPARATION - In a buyer's market, you must make sure that your property is tip-top condition. Do whatever you can to remove the clutter, freshen the curb and interior appeal, fix what needs to be fixed. You want your property to stand out from the others.

FLEXIBILITY - Buyer's in this market are expecting a bargain. The current average list-to-sell ratio is about 90% of list price. Therefore, be prepared to negotiate with your buyer's as you will need to optimize each opportunity you have to sell your property.

It is possible to get a fair price for your property in this market. You just need to follow these recommendations and be realistic in your expections. If you are considering selling, we would be happy to assist you in getting your property sold. Contact me at (239) 404-5068 or visit www.Marco-Naples-Homes.com for your free home evaluation.

Joseph A. Bartos, P.A.
Realtor
Amerivest Realty